New Yorkers Complain Most About Financial Services

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Photo: Flickr / Il Fatto Quotidiano

Financial services topped the list of New Yorkers’ complaints to the Better Business Bureau last year, reports Bloomberg’s Margaret Collins

The main target of their ire? Mortgages, mortgage loan modifications and refinancing, with 7,267 complaints logged in all. 

We’re not the least bit surprised: The average foreclosure time in the US hit a record high of nearly 21 months last year, with New York being one of the slowest states to process its paperwork. 

Meanwhile Bank of America and Citigroup, two titans in the financial services industry, are at the centre of a New York state probe into claims they’re among several big banks who overcharged consumers for insurance. 

And let’s not forget New York’s Attorney General just launched a suit against BofA, JP Morgan and Wells Fargo in early February over the creation of an electronic mortgage database that allegedly screwed up mortgage proceedings

Known as the Mortgage Electronic Registry System, the national database owned by the banks allegedly held consumers’ data that was riddled with errors—not a good look for homeowners’ mortgages, which were said to drop in value as a result. 

Don’t miss: Millions of Americans are realising they can default on their mortgage and live scot-free for years > 

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